Pan American Silver reported its Q3 2016 unaudited results on November 15, 2016. The company reported consolidated net earnings of $43.4 million compared to a net loss of $67.5 million in Q3 2015. Cash flows from operating activities were $102.3 million, significantly higher than $32.9 million in Q3 2015. Operationally, the company produced 6.36 million ounces of silver and 50.4 thousand ounces of gold. Cash costs per ounce of silver, net of by-product credits, were $4.89 compared to $8.74 in Q3 2015. For full-year 2016, the company forecasts silver production of 25.0-25.7 million ounces and cash

1. Q3 2016 Unaudited Results
November 15, 2016 – 10:00 am ET / 07:00 am PT

2. Participants
Michael Steinmann
President & CEO
2
Steve Busby
COO
Rob Doyle
CFO
Chris Emerson
VP Geology &
Business Dev.
November 15, 2016

3. Cautionary Note
Non-GAAP Measures
This presentation refers to various Non-GAAP measures, such as cash costs per payable ounce of silver, all-in sustaining cost per silver ounce sold and adjusted (loss) earnings. Readers should refer
to the “Alternative Performance (Non-GAAP) Measures” section in Pan American Silver Corp.’s (the “Company”) Management’s Discussion and Analysis for the period ended June 30, 2016 available
at www.sedar.com.
Reporting Currency and Financial Information
Unless we have specified otherwise, all references to dollar amounts or $ are to United States dollars.
Cautionary Note Regarding Forward Looking Statements and Information
Certain of the statements and information in this presentation constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and
“forward-looking infor mation” within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or
information. Forward-looking statements or information in this presentation relate to, among other things: our estimated production of silver, gold and other metals in 2016; our estimated cash
costs per payable ounce of silver and AISCSOS in 2016; the ability of the Company to successfully complete any capital investment programs and projects, the schedule for any such completion, and
the impacts of any such programs and projects on the Company; and any anticipated level of financial and operational success in 2016.
These statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by
the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: tonnage of ore to be mined and
processed; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation
estimates; our mineral reserve and recourse estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation);
no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are
received in a timely manner; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and
developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this presentation and the Company has made assumptions and
estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour,
materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian Dollar, Peruvian Sol, Mexican Peso, Argentine Peso and Bolivian Boliviano versus
the U.S. Dollar); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or
unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with
whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities
and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the
jurisdictions where we operate, including environmental, export and import laws and regulations; diminishing quantities or grades of mineral reserves as properties are mined; increased
competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption “Risks Related to Pan American’s Business” in the Company’s most recent
form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities. Although the Company has
attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended.
Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management’s
current views of our near and longer term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation to update or revise forward-
looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.
Technical Information
Technical information contained in this presentation with respect to Pan American has been reviewed or approved by Martin Wafforn, P.Eng., SVP Technical Services and Process Optimization, who
is the Company’s qualified person for the purposes of National Instrument 43-101. For additional information about the Company’s material mineral properties, please refer to the Company’s
Annual Information Form dated March 24, 2016, filed at www.sedar.com.
3 November 15, 2016

4. Cautionary Note About Mineral Reserves
and Resources
4
Cautionary Note to US Investors Concerning Estimates of Mineral Reserves and Resources
This presentation has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. Unless otherwise
indicated, all mineral reserve and resource estimates included in this presentation have been prepared in accordance with Canadian National Instrument 43-101 – Standards of
Disclosure for Mineral Projects (‘‘NI 43-101’’) and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. NI 43-101 is a rule developed by the Canadian
Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.
Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”), and information concerning
mineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. In
particular, and without limiting the generality of the foregoing, this presentation uses the terms ‘‘measured resources’’, ‘‘indicated resources’’ and ‘‘inferred resources’’. U.S. investors
are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. The requirements of NI 43-101 for identification of
‘‘reserves’’ are not the same as those of the SEC, and reserves reported by Pan American in compliance with NI 43-101 may not qualify as ‘‘reserves’’ under SEC standards. Under U.S.
standards, mineralization may not be classified as a ‘‘reserve’’ unless the determination has been made that the mineralization could be economically and legally produced or extracted
at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of a “measured resource” or “indicated resour ce” will ever be converted into a
“reserve”. U.S. investors should also understand that “inferred resources” have a great amount of uncertainty as to their existence and great uncertainty as totheir economic and legal
feasibility. It cannot be assumed that all or any part of “inferred resour ces” exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian
securities laws, estimated “inferred resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of “contained ounces” in a mineral resource
is permitted disclosure under Canadian securities laws. However, theSEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as
in place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made
public by companies that report in accordance with U.S. standards.
November 15, 2016

5. Q3 2016 Financial Results
Consolidated Financial Highlights Q3 2016 Q3 2015
Net earnings (loss) ($ millions) 43.4 (67.5)
Net earnings per share 0.28 (0.44)
Adjusted earnings (loss) (1) ($ millions) 37.0 (9.3)
Adjusted earnings per share 0.24 (0.06)
Net cash generated from operating activities ($ millions) 102.3 32.9
Operating cash flow before changes in non-cash
operating working capital ($ millions)
95.1 26.2
Operating cash flow before changes in non-cash
operating working capital per share
0.62 0.17
5
(1)
Adjusted earnings (loss), and adjusted earnings (loss) per share. The Company believes that these measures better reflect normalized earnings as they eliminate items that may be volatile from
period to period relating to positions that will settle in future periods, and items that are non-recurring. Readers should refer to the “Alternative Performance (non-GAAP) Measures” section of the
Company’s Management’s Discussion & Analysis for the three and nine months ended Sept 30, 2016 for a more detailed discussion of this and other non-GAAP measures and their calculation.
November 15, 2016

6. Q3 2016 Consolidated Cash Flows
6 November 15, 2016

7. Q3 2016 Operational Results
7
Consolidated OperationalHighlights Q3 2016 Q3 2015
Silver produced (Moz) 6.36 6.61
Gold produced (Koz) 50.4 53.6
Cash costs(1) (net of by-product credits) $4.89 $8.74
All-in Sustaining Costs per Silver Ounce Sold(2) (net
of by-product credits) (“AISCSOS”)
$6.34 $16.29
(1) Cash costs is a non-GAAP measure and does not have a standardized meaning prescribed by IFRS as an indicator of performance. The Company’s method of calculating cash costs may differ from the methods
used by other entities and, accordingly, the Company’s cash costs may not be comparable to similarly titled measures used by other entities. Readers should refer to the “Alternative Performance (Non-GAAP)
Measures” section of the Company’s Management’s Discussion & Analysis for the period ended Sept 30, 2016, for a more detailed description of this measure and its calculation.
(2) AISCSOS is a non-GAAP measure and does not have a standardized meaning under IFRS as an indicator of performance and readres shoud refer to the “Alternative Performance (non-GAAP) Measures” section
of the Company’s most recently filed Management’s Discussion & Analysis for the period ended Sept 30, 2016 for a more detailed description of this measure and its calculation.
November 15, 2016

8. 2016 Outlook
Consolidated Operational
Highlights
YTD
2016
Forecast
FY 2016
(Jan 19, 2016)
Forecast (1)
FY 2016
(Nov 14, 2016)
Silver production (Moz) 19.1 24 - 25 25.0 – 25.7
Gold production (koz) 140.0 175 - 185 175 – 185
Cash costs(2) (net of by-
product credits)
$6.17 $9.45 - $10.45 $6.25 - $7.00
All-in Sustaining Costs per
Silver Ounce Sold(3) (net of
by-product credits) (“AISCSOS”)
$10.10 $13.60 - $14.90 $10.75 - $11.50
8
(1) Revised cash costs and AISCSOS forecasts assume by-product credit prices of $2,300/tonne ($0.91/lb) for zinc, $2,000/tonne ($0.79/lb.) for lead, $4,700/tonne ($2.13/lb.) for copper, and $1,250/oz. for gold.
(2) Cash costs is a non-GAAP measure and does not have a standardized meaning prescribed by IFRS as an indicator of performance. The Company’s method of calculating cash costs may differ from the methods
used by other entities and, accordingly, the Company’s cash costs may not be comparable to similarly titled measures used by other entities. Readers should refer to the “Alternative Performance (Non-GAAP)
Measures” section of the Company’s Management’s Discussion & Analysis for the period ended Sept 30, 2016, for a more detailed description of this measure and its calculation.
(3) AISCSOS is a non-GAAP measure and does not have a standardized meaning under IFRS as an indicator of performance and readres shoud refer to the “Alternative Performance (non-GAAP) Measures” section
of the Company’s most recently filed Management’s Discussion & Analysis for the period ended Sept 30, 2016 for a more detailed description of this measure and its calculation.
November 15, 2016

9. Q3 2016 – Operating Results by Mine
9
Mine Ag Production
(Moz)
Au Production
(koz)
$ Cash Costs (1)
La Colorada 1.39 0.72 6.58
Dolores 0.90 27.14 (5.26)
Alamo Dorado 0.37 1.36 18.55
Huaron 0.97 0.20 4.92
Morococha 0.69 0.41 4.41
San Vicente 1.15 n/a 12.40
Manantial Espejo 0.90 20.59 (1.75)
TOTAL (2) 6.36 50.42 4.89
(1) Cash costs per ounce of silver, net of by-product credits. Cash cost is a non-GAAP measure. Cash costs does not have a standardized meaning prescribed by IFRS as an indicator of
performance. The Company’s method of calculating cash costs may differ from the methods used by other entities and, accordingly, the Company’s cash costs may not be comparable to
similarly titled measures used by other entities. Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion &
Analysis for the period ended Sept 30, 2016, for a more detailed description of this measure and its calculation.
(2) Totals may not add up due to rounding.
November 15, 2016

10. La Colorada Expansion – Q3 2016
• Apart from the completion of the powerline and some additional mine
development in the Estrella vein, the project is essentially complete.
• The site project team is currently 95% demobilized, and the bulk of the project
accounts have been closed.
• Expect project to come in 5% to 10% under budget
10 November 15, 2016
Grinding MillNew Sulphide Plant

11. La Colorada Expansion – Q3 2016
New mine shaft update
• Completed and outfitted down
to shaft bottom (618 metres)
• Commissioned in fully
automatic mode
11 November 15, 2016

12. Dolores Expansion – Q3 2016
Pulp agglomeration plant update
• Completed all major earthworks, including drilling
and blasting of bedrock in crusher and mill area,
placement of structural fill in Chabacan basin, and
completion of Hilfiker walls.
• Rebar placement / forming and concrete
placement commenced.
• Installation of the filter feed tank well advanced as
of end of Q3.
• All major equipment either delivered or fabricated
and awaiting delivery.
• All major construction contracts awarded.
• Scheduled for start-up end of Q2 2017.
12 November 15, 2016

13. Q&A
13
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14. Archive Webcast
14
The audio and presentation archive of this
conference call will be accessible on the Events
page of our website at:
www.panamericansilver.com/Investors/Events
November 15, 2016